- Locations: Nasr City
- Duration: 1 Day
To be a successful collector it’s important to understand that collections are competitive. This practical course will enable delegates to operate a complete collections cycle with increased confidence using best practice techniques. It will give them new ideas to put into practice immediately, and help them to ensure that they are first in the queue for payment.
Is it right for me?
Suitable for anyone involved in collecting trade debts from customers; credit controllers who want to improve on the key process and telephone elements of their job. Anyone wishing to focus purely on telephone collection techniques.
What will I learn?
By the end of this course you will be able to:
- Recognise the importance of good credit control.
- Implement good practice techniques to meet collection targets.
- Understand the significance of contract terms.
- Understand a best practice approach to formulating a company credit policy.
- Critically review your organisation’s credit policy and identify areas for improvement.
- Carry out all elements of the collections cycle.
- Apply improved telephone techniques.
- Choose the most appropriate combination of collections tools.
- Decide when and how to escalate debt or take third party action.
- Collect the toughest debts with greater confidence.
What will it cover?
The Importance of Good Credit Management
- Maintaining cash flow
- Minimising bad debts
- The cost of overdues
- Improving profitability
- Good customer relations
- The importance of a company credit policy
- Elements of a credit policy
- Evaluate policies and procedures
Our Contract with the Customer
- Elements of a contract
- Terms and conditions - whose terms apply?
- Are your payment terms fully understood?
- Late payment interest and compensation charges
- Retention of title
The Monthly Collection Campaign
- Deciding on priorities
- The collection timetable
- Invoices, letters and statements: timing and format
- Combining the tools available to best effect
- Planning and making calls
- Asking for payment
- Overcoming excuses
Collecting Tough Debts
- Examine your options
- Payment plans
- Third party action
- Query management
Techniques for Measuring Performance
- Using DSO as a measure of performance
About World Knowledge
A subsidiary of We_They Strategies Corporation , We_They is a World performance improvement company and a leader in sales and technical training, management consulting, and engineering services.
We help improve your organisational effectiveness through innovative and knowledgeable training, consulting, and business improvement services customised to meet your specific needs. With offices throughout The Middle East, we are strategically positioned to serve you at your locations around the world.See all World Knowledge courses